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Ethereum Tuesday

27th July 2021 | ZebPay Trade-Desk
At current levels, bears have been preventing ETH prices from rising, despite ETH rallying a little early this week. However, the asset continues to look attractive at current prices, and with the ‘London’ fork just 2 weeks away, we anticipate more activity to set in and drive prices. Volumes have seen a slight push, but not as much as we anticipated after the early week rally, but this has been native to all assets, not just ETH, so this doesn’t concern us too much.

ETH took support at $1,711 (Previous Low) and started moving upwards by forming a ‘Higher High Higher Low’ pattern. The prices surged almost by 41% and made a weekly high of $2,431. The asset has faced stiff resistance around $2,400 multiple times in the past and this time too Eth has made a ‘Shooting Star’ pattern (bearish pattern) so we can expect some profit booking or correction from these levels (It being a green body candle the correction might not be as strong compared to a red body shooting star candle). ETH to further rally needs to trade and close above $2,400.

Resistance 2$2,650
Resistance 1$2,400
ETH
Support 1$2,045
Support 2$1,711

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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